haku: @author Madhavan, A. / yhteensä: 15
viite: 11 / 15
| Tekijä: | Madhavan, A. |
| Otsikko: | Security prices and market transparency |
| Lehti: | Journal of Financial Intermediation
1996 : JUL, VOL. 5:3, p. 255-283 |
| Asiasana: | FINANCE FINANCIAL INTERMEDIARIES SECURITIES |
| Kieli: | eng |
| Tiivistelmä: | Many recommendations for reforming securities markets are predicated on the belief that providing information on order flow and other market variables to traders will increase liquidity and improve price efficiency. This paper demonstrates that market transparency can actually increase price volatility and lower market liquidity. This occurs even though transparency increases the precision of traders' predictions about the asset's value. In a sufficiently large market, transparency always reduces volatility and improves market quality. |
SCIMA